Gone are the days when financial organizations used to maintain accounts books to track and record all the transactions. With the advancement in the financial industry, the traditional methods of working have been replaced by digital technology.
The main aim is to meet the customer expectations in the fast paced technological world and at the same time reduce the cost of expenses involved in carrying out day to day activities manually. The most popularly used programming language in the finance industry is Java.
Java has been extensively used by financial institutions and banks for software development for more than 20 years now. From revolutionizing the way how data should be stored to structuring methods, Java provides a safe and secured platform to build web applications for the FinTech industry. Java is an object oriented programming language which has played a major role in Big Data ecosystem. Since finance companies handle large amount of data every day, Java can manage these enormous data with complete security.
Check out below how Java is transforming the present finance industry:
Chatbots Development – Java has made its place in the financial services domain where bookkeeping and records are the primary traits. More and more banking organizations are now using chatbot solutions to improve digital experiences of tech-savvy consumers and reduce costs. For instance, nowadays advanced chatbots can access customers’ data such as CIBIL score, individual’s loan repayment habits, number of existing credit cards, spending habits and more to better serve customers. How these intelligent chatbots can be developed? This is where Java and its frameworks come into play! Java is the best tool for chatbot development as it facilitates portability, transparency, maintainability, debugging, visualization and so much more in mission critical projects. This language is essential for creating sensor networks, machine learning and multi-robot systems.
Fraud Detection and Management – Today, companies are using Artificial Intelligence tools for credit card/financial fraud detection. AI tools can generate unexpected insights, discover hidden patterns, and create predictive models for financial transactions. Java is a great programming language for AI software development. Java plays a vital role when it comes to security and fraud identification. Java’s security feature proves beneficial when developing AI tools as this helps the AI systems to make sophisticated decisions about what can be considered fraud and what cannot. Java is not only used for AI tools development, but it is also perfect for neuro-linguistic programming, neural networks and search algorithm.
Investments and Trading – To determine the future trends of the market, investment companies have been relying on computers and data scientists. Most Wall Street investment firms, banks and fintech companies depend on Java as it can crunch gargantuan amounts of data in a short span of time and can do data simulations and modeling really well. It is great for creating analytical tools and prediction models that are required in the investment market. Java also offers developers the ability to create user-friendly, fast-loading and completely secured websites, which are critical for investment firms to move forward.
Mobile Wallets – Managing finance in the materialistic world is a daunting task. But the advent of machine learning, artificial intelligence and Java frameworks are making this work hassle-free. Mobile wallets or e-wallets for personal financial management has become one of the most advanced developments in the recent years. Mobile wallets are developed using AI and Java-based algorithms to help consumers make smart decisions while spending their money. Note: Developers use Android SDK with Java framework to develop Android mobile wallets and Swift and Objective C for iOS mobile wallet development.
Java will surely dominate the future of the financial industry in near future. The speed with which it is making progress has made the financial management easy for individuals as well as the financial institutions. These emerging technologies provide faster and efficient solutions. Massive investments are being made by the banks keeping in mind the future.
If you are also looking for a Java web application development company for your financial institution, look no further than Source Soft Solutions. We are a leading Java application development company. We have years of experience in various Java tools and frameworks. Our skilled Java developers can build robust, scalable, secured and compatible websites and software applications using Java technology, with great quality and reliability.